- BHP accelerates Copper SA expansion with $200 million investment
- MRAI urges abolition of 2.5% duty on Indian aluminium scrap imports
Base metals on the London Metal Exchange (LME) traded mixed on 10 July 2026. Nickel rose 0.93% d-o-d to $16,741/t, followed by lead, which gained 0.26% to $1,897/t. Copper remained largely unchanged, easing 0.04% to $13,485/t, while zinc and aluminium declined 0.30% and 1.91% to $3,616/t and $3,140/t, respectively.
LME inventories continued to trend lower, with copper stocks declining 0.93% d-o-d to 307,750 t, extending the recent drawdown and highlighting tightening physical availability. Aluminium inventories fell 0.55% to 289,225 t, while zinc stocks declined 0.35% to 115,525 t. Nickel and lead inventories remained unchanged at 274,584 t and 291,425 t, respectively.
Domestic market overview
India’s non-ferrous scrap market remained largely stable on 10 July. Aluminium tense scrap (loose), ex-Delhi, remained unchanged at INR 268,000/t, while ex-Chennai prices were also unchanged at INR 256,000/t.
Meanwhile, copper armature scrap (Cu 99%), ex-Delhi, increased by INR 12,000/t or 1.01% d-o-d to INR 1,200,000/t, supported by firm domestic demand despite stable LME copper prices.
Oil rallies on renewed US-Iran tensions and Hormuz risks
Global crude oil prices strengthened on 13 July 2026, with WTI crude rising 2.90% d-o-d to $74.52/bbl and Brent crude gaining 3.39% to $79.25/bbl. Natural gas declined 3.46% to $2.91/MMBtu.
Oil prices surged after renewed hostilities between the US and Iran threatened the fragile ceasefire, reviving concerns over crude supplies through the Strait of Hormuz. Both Brent and WTI futures climbed as much as 4.5% intraday after Iran warned that the strait would remain closed following attacks on commercial shipping, although US Central Command stated that the waterway remained open for lawful transit.
Despite the sharp rally, analysts noted that crude prices are unlikely to revisit the $120/bbl highs seen during the peak of the conflict earlier this year, as OPEC+ continues to increase production, global markets remain adequately supplied, and demand growth, particularly in Asia, remains subdued.
Other updates
BHP awards $200 million contract for Copper SA expansion
BHP has awarded a $200 million contract to support the expansion of its Copper South Australia (Copper SA) operations, marking another step in its strategy to boost long-term copper production. BHP is targeting an increase in refined copper output in South Australia from the current 0.32 mnt/year to more than 0.5 mnt/year by the early 2030s, with the potential to reach 0.65 mnt/year by the mid-2030s.
MRAI seeks removal of aluminium scrap import duty
The Material Recycling Association of India (MRAI) has urged the government to abolish the 2.5% Basic Customs Duty (BCD) on imported aluminium scrap, stating that the levy is increasing raw material costs for recyclers and downstream manufacturers.
India currently meets 80-85% of its aluminium scrap requirement through imports, while the recycling sector contributes nearly 40% of the country’s total aluminium supply of around 2.2 million tonnes (mnt) annually. MRAI said removing the duty would improve the competitiveness of MSMEs, strengthen the circular economy and support India’s growing aluminium demand, which is projected to reach 8.5-9.0 mnt by FY’30.
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